Accounting
Senate Republicans balk at House plan to gut energy tax cuts
Key Senate Republicans are resisting the House’s plan to gut clean energy tax credits, vowing to soften the blow for emerging technologies and nuclear power.
The pushback comes after House Republicans released a plan to help pay for an extension of President Donald Trump’s tax cuts by cutting more than $500 billion in energy tax credits from former President Joe Biden’s signature climate law.
The comments from GOP lawmakers mean industries facing a sharp cutoff in federal help still have a chance to preserve their tax incentives for longer.
The plan “needs refinement,” said Thom Tillis, a North Carolina Republican, who serves on the Senate’s tax writing committee and was one of four Republicans to
The House’s plan to phase out technology-neutral tax credits for green energy projects that begin operating in 2029 is too aggressive, and emerging technologies should be given more time, said Senator Kevin Cramer, a North Dakota Republican.
“I think that the newer credits that have yet to really be applied will need to be extended beyond 2029,” Cramer told reporters in the Capitol Tuesday. “I would expect we will make some changes to try and improve it.”
Cramer also said the House GOP’s deadline to phase out a production tax credit for nuclear power by 2032 needs to be pushed back.
In all, the House bill would save $560 billion by rolling back incentives for clean energy and electric vehicles. Production and investment credits for clean electricity production from energy sources like wind and solar and another credit for nuclear electricity would be phased out, while credits for electric vehicles and hydrogen production would also end.
The legislation, which the House is aiming to pass by the end of the month, would then go to the Senate, where Republicans can only afford three defections and still pass it.
The tax credits, which were initially estimated by congressional estimators to cost $270 billion, have been forecast to cost trillions of dollars over the coming decades. That makes them a tempting target for Republicans seeking to pay for extending tax cuts that are also estimated to cost trillions.
But the credits are also providing jobs and spurring the construction of factories in numerous GOP districts.
Emerging Republican pushback means the House plan is likely a “ceiling for changes to the credits,” research firm Capstone LLC wrote in a note to clients. It said additional changes weakening the energy tax cuts could be made by moderate House Republicans before the bill is sent to the Senate.
Senator Lisa Murkowski, an Alaska Republican and moderate who also signed the April letter vowing to defend the credits, said she anticipated changes.
“Anything that comes over from the House, almost by law, we’ve got to redo,” Murkowski told reporters.
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
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Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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